TIME Magazine, the famous American magazine, wants to ride the wave of the NFT success, transforming three old covers of its magazine into non-fungible tokens, partly thanks to the help of influencer Anthony Pompliano.
Thus TIME decided to create three covers as NFTs; these covers feature three bold headlines: “Is Fiat Dead?”, “Is God Dead?” from April 8th, 1966 and “Is Truth Dead?” from April 3rd, 2017.
To sell these three non-fungible tokens, TIME decided to use SuperRare‘s marketplace and thus use the Ethereum blockchain and ETH payments.
TIME’s President Keith Grossman explained to Yahoo Finance:
“TIME’s red border is one of our or most iconic assets. We already have an existing business with the cover store in the analog space. Moving into the NFT collectibles is a natural extension for us”.
TIME’s NFT cover project
This decision to tokenize old covers came about earlier this month when a group of experts was assembled for an initiative dubbed “Project C” that included Benioff, Mark Cuban, Guy Oseary and Anthony Pompliano.
Grossman explained:
“Phase one of what’s happening in the NFT space is very much about collectibles. Phase two is thinking about how these tokens can unlock or provide access to subscriptions, memberships, and unique experiences”.
TIME and cryptocurrencies
Not only has TIME decided to create its own NFTs, it has also decided to start accepting cryptocurrency payments for its subscriptions and intends to use NFTs to sell digital copies of its newspaper.
Grossman further explained:
“Our job is to make sure that our consumers access our world-class content regardless of medium, whether it’s print, or digital, or video, and regardless of how they wish to pay for it, whether it is in cash or credit or crypto.”
